News You Can Use

Markets perk up as traders await Georgia Senate race results: The headlines and your money

Rev. Warnock projected to win Georgia Senate race.

Democratic Senate candidate Reverend Raphael Warnock speaks at a rally on October 24, 2020, in Duluth, Georgia.
Elijah Nouvelage | AFP | Getty Images

Markets recovered some losses Tuesday, while traders awaited Georgia Senate runoff results. Looking ahead, it may be smart to estimate your 2020 tax bill now. Here's how the headlines could affect your money.

Markets perk up

The major indexes closed in positive territory Tuesday, recovering some of their losses from Monday. Each of the three gained less than 1%.

Markets extended their gains Wednesday morning as investors awaited official results from the Georgia Senate runoff. 

Rev. Warnock projected to win Georgia Senate race

NBC News projects that Democrat Reverend Raphael Warnock defeated Republican Kelly Loeffler on Tuesday to secure a Georgia Senate seat. As of Wednesday morning, the race between Jon Ossoff and David Perdue was too close to call.

The outcome of the runoffs will determine control of the Senate and how easily President-elect Joe Biden can implement policies like student loan forgiveness or another coronavirus stimulus package. 

How to head off a surprise tax bill

Tax Day is months away, but you don't want to be surprised by a big bill. To get an idea of what you might owe in 2020 taxes, or what your refund might be, use the IRS Tax Withholding Estimator tool. If you owe, making an estimated tax payment now can help you balance any shortfall and avoid penalties. 

How to pay taxes as a freelancer

Video by David Fang

Words you've heard: estimated tax

Estimated tax is a regular IRS payment based on your earned income. Freelancers and small-business owners, who don't automatically get taxes taken out of their paychecks, typically pay each quarter. 

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

More from Grow:

acorns+cnbcacorns cnbc

Join Acorns


About Us

Learn More

Follow Us

All investments involve risk, including loss of principal. The contents presented herein are provided for general investment education and informational purposes only and do not constitute an offer to sell or a solicitation to buy any specific securities or engage in any particular investment strategy. Acorns is not engaged in rendering any tax, legal, or accounting advice. Please consult with a qualified professional for this type of advice.

Any references to past performance, regarding financial markets or otherwise, do not indicate or guarantee future results. Forward-looking statements, including without limitations investment outcomes and projections, are hypothetical and educational in nature. The results of any hypothetical projections can and may differ from actual investment results had the strategies been deployed in actual securities accounts. It is not possible to invest directly in an index.

Advisory services offered by Acorns Advisers, LLC (“Acorns Advisers”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Brokerage and custody services are provided to clients of Acorns Advisers by Acorns Securities, LLC (“Acorns Securities”), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Acorns Pay, LLC (“Acorns Pay”) manages Acorns’s demand deposit and other banking products in partnership with Lincoln Savings Bank, a bank chartered under the laws of Iowa and member FDIC. Acorns Advisers, Acorns Securities, and Acorns Pay are subsidiaries of Acorns Grow Incorporated (collectively “Acorns”). “Acorns,” the Acorns logo and “Invest the Change” are registered trademarks of Acorns Grow Incorporated. Copyright © 2019 Acorns and/or its affiliates.

NBCUniversal and Comcast Ventures are investors in Acorns Grow Incorporated.